Most housing society accounting software stops at maintenance bill generation & invoicing when it comes to the financial administration aspects of your Association or Enterprise business.
These software models do not feature all-in-one 360° automated accounting and are fully dependent on third-party accounting software integrations available in the digital marketplace.
Evidently, ADDA also integrates with multiple accounting software solutions. But YES, it has innovated completely inbuilt automated accounting as well.
And what’s more? 70% of the Society Accounting Entries are automatic at one go!
Keep reading on to know more about the Automated Accounting Engine innovation and the plethora of perks it brings to the table for owners, tenants, and even third-party businesses.
Table of Contents
Invoicing & Collections from Owners
You just need to make a one-time effort to set up the formulae for your Recurring Invoicing to owners.
The Invoices get generated automatically and sent to each owner. They also become readily available on the ADDA App.
And here’s more – The journal entries with the accurate debit and credit GL Accounts get posted automatically.
The same happens when the receipt from the owner is entered. The journal entries automatically take place with this housing society accounting software.
Invoicing & Collections from Tenants
If you are collecting rent from the tenants on behalf of the owner, the process is equally smooth!
Just set up the contract one-time with details of the rent collection.
Next, invoices get generated and sent to tenants automatically. Accounting entries happen automatically for these Invoices as well as for the payments when they arrive.
If payment is also made online using the ADDA Payment Gateway integrations, then the entire process of Billing, Collection, and Accounting become 100% automated end-to-end.
Invoicing & Collections from Third-Parties
If you are conducting a society event with sponsors, the same automatic accounting journal entries happen for any invoice. Thus, automatic receipting can be simply made to the sponsors using this society accounting system.
Purchases & Payments
Did we tell you there is a complete Purchase Management system in ADDA that starts right from the Purchase Request (by the Site Manager) and goes all the way to purchase order, invoice, and payment?
Needless to say, all society accounting entries involved in this purchases & payments process are also completely automatic.
Right there, your accounting brains are now freed up from these time-consuming processes. It’s time you can actually focus on Budgeting, Tax Compliances, Contract Reviews, and other housing society accounting strategies.
Get yourself armed with ADDA’s Automatic Accounting Engine innovation and drive 3X more results to your Community Management business. Make good use of this society accounting software to optimize your existing accounting resources in half the time & cost.
What’s More to Innovation?
In cases, where the business is part of a larger conglomerate and has aspects of centralized purchases or centralized accounting, there would be a need to integrate with the accounting software used by the Parent Conglomerate. ADDA brings APIs and an Integration Support Team available for such integrations right to the table.
Thus, for most Enterprises and Associations, the ADDA Accounting Engine is perfectly tailor-made and sufficient to meet the industrial needs in real-time.
Missing out on vital housing society accounting software perks on your current system? Contact us at firstname.lastname@example.org or 022-48905764 / +971 56 2093390 to schedule a free expert demo and learn how ADDA Automatic Accounting Engine can drive better results in your community or business.
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